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U.S. Economic Woes Still Reverberating Through Global Re Market, As Cats Loom

With the United States at the epicenter of a recession fueled by the mortgage and credit market crises, ripples are still being felt in the global reinsurance market.

By Caroline McDonald | Updated on August 30, 2009

With the United States at the epicenter of a recession fueled by the mortgage and credit market crises, ripples are still being felt in the global reinsurance market. And while a stagnant economy may be keeping prices stable for many, the ever-present “elephant in the room”–the threat of another major hurricane–is forcing rate hikes for those exposed, industry players say.

Jeremy Brazil, president of Markel International Insurance Company Ltd. in London, noted that July 1 renewals were characterized by rates rising between 10- and 20 percent on U.S. catastrophe wind and earthquake coverages.

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